MG, if only I had some spare. Has there ever been a better time for bottom-feeding, for picking up a bargain?
There I was, trawling the business news, and this jumped out: Deltic, the UK’s largest nightclub operator, has been bought by the Scandinavian nightlife group Rekom for £10m. That has to be one brilliant coup. Deltic has 52 sites, and the group includes the popular Oceana, Pryzm and Atik student club and bar brands.
Yes, all its venues are closed at the moment and they’ve been that way since March last year (nightclubs and lap-dancing clubs are the only two sorts of premises that have not been permitted to reopen, even between lockdowns); yes, it was in administration with just £896,400 in cash left in the bank and burning through £1m a month while everything remained shuttered. But, my goodness, this was a business that was worth £80m before the pandemic.
